Geekzone: technology news, blogs, forums
Guest
Welcome Guest.
You haven't logged in yet. If you don't have an account you can register now.




BDFL - Memuneh
66335 posts

Uber Geek

Administrator
Trusted
Geekzone
Lifetime subscriber

#82546 1-May-2011 14:55
Send private message

I was wondering if anyone here is using Bitcoin?




View this topic in a long page with up to 500 replies per page Create new topic
 1 | 2 | 3 | 4 | 5 | 6 | 7

gjm

757 posts

Ultimate Geek


  #464195 1-May-2011 15:59
Send private message

not using it but listened to a very interesting podcast by Steve Gibson explaining it all a few weeks ago now. Podcast is called Security Now if anyone is interested and is usually very good. He even managed to get himself 50 bitcoins by finding one of the numbers with the leading zeros that you can set your pc to search for to earn bitcoins.




[Amstrad CPC 6128: 128k Memory: 3 inch floppy drive: Colour Screen]

90 posts

Master Geek

Subscriber

  #464225 1-May-2011 18:09
Send private message

freitasm: I was wondering if anyone here is using Bitcoin?
I've been using it. I have a small amount, used the various exchanges, and stay up to date with the goings on in the community.

 
 
 
 


13 posts

Geek


  #467148 9-May-2011 15:24
Send private message

I've mined 120 btc so far, sold my first 50btc for NZD $75, my second 50btc for NZD $200.

 

I've spent $1764 on my mining rig, which runs at around 1200 MHash/second. I get around 8-10 btc / day now. However that should decrease in about 6 days time when the difficulty increases.

 

I expect to pay off my kit within 60 days.

309 posts

Ultimate Geek

Trusted

  #467157 9-May-2011 15:47
Send private message

I dont get it, sounds like it installs a client on your pc to do what? Steal your data? Backdoor to operate a DDoS attack? All sounds a bit fake to me :)




Barry Murphy
ISPMap - New Zealand ISP map
Vibe Communications LTD - Business ISP and Wholesale Carrier



Any comments made by myself don't reflect the views of my employer, they are mine and mine alone

309 posts

Ultimate Geek

Trusted

  #467158 9-May-2011 15:48
Send private message

Ahh its a game?




Barry Murphy
ISPMap - New Zealand ISP map
Vibe Communications LTD - Business ISP and Wholesale Carrier



Any comments made by myself don't reflect the views of my employer, they are mine and mine alone

90 posts

Master Geek

Subscriber

  #467164 9-May-2011 15:56
Send private message

icepicknz: Ahh its a game?
No, it's an alternative currency using cryptographic principles to handle generation and spending. See http://www.weusecoins.com/

17 posts

Geek


  #467932 11-May-2011 14:18
Send private message

Heh, I've been watching this for about a year or so and becoming more and more depressed. I had an opportunity to invest way back then but i procrastinated on it Tongue out.

If anyone wants to trade 10 or so coins, pm me and I can wire you the money or something.

 
 
 
 


97 posts

Master Geek


#469179 14-May-2011 23:17
Send private message

I've been using it for 3 weeks, built a mining setup consisting of 8x graphics cards, nets about 12 bitcoins per day at current difficulty.

Do you accept BTC for subscriptions? Tongue out



BDFL - Memuneh
66335 posts

Uber Geek

Administrator
Trusted
Geekzone
Lifetime subscriber

  #469983 17-May-2011 09:39
Send private message

If you hae Bitcoins and want to pay for a subscription, why not? Let's try it...




121 posts

Master Geek


  #470020 17-May-2011 11:04
Send private message

But what does the mining setup actually do? Aside from generate bitcoins.

Does it calculate anything of actual use? Like the ps3 folding@home project? Or does it simply calculate stuff for the purpose of generating bitcoins?

90 posts

Master Geek

Subscriber

  #470029 17-May-2011 11:22
Send private message

athor: But what does the mining setup actually do? Aside from generate bitcoins.

Does it calculate anything of actual use? Like the ps3 folding@home project? Or does it simply calculate stuff for the purpose of generating bitcoins?
It calculates stuff for the purpose of generating bitcoins. Each miner gets given a block of data and must perform a cryptographic hash of this plus data the miner comes up with (called a nonce). If the hash of this combined data is less than a target value, decided by the network, then the miner 'wins' and a block is generated. The block contains the new 50 bitcoins and any transaction fees attached to the transactions included in the block.

So a miner basically takes this data adds a nonce, hashes it and compares it to the target. If it fails then it comes up with a new nonce (it's usually an incrementing integer number), re-hashes it and compares again. It repeats this until successful or given a new block of data, You can see how this can be paralleized (run hashes with different nonces on each CPU) and why GPU's are useful for the process.





BDFL - Memuneh
66335 posts

Uber Geek

Administrator
Trusted
Geekzone
Lifetime subscriber

  #470038 17-May-2011 11:48
Send private message

Nice... We have one subscription paid off with Bitcoin now. Balance not updated yet, but let's see how it goes.





2460 posts

Uber Geek


  #470109 17-May-2011 14:11
Send private message

How do we pay with bitcoin?



BDFL - Memuneh
66335 posts

Uber Geek

Administrator
Trusted
Geekzone
Lifetime subscriber

  #470110 17-May-2011 14:13
Send private message

If you have bitcoins you will need the id for the payee, and you then start a transaction to the id...




2460 posts

Uber Geek


  #470184 17-May-2011 17:43
Send private message

freitasm: If you have bitcoins you will need the id for the payee, and you then start a transaction to the id...


No, I mean how do we pay for subs with bitcoin. ;)

Can we just PM you or something? how many bc's is it?
 

 1 | 2 | 3 | 4 | 5 | 6 | 7
View this topic in a long page with up to 500 replies per page Create new topic



Twitter and LinkedIn »



Follow us to receive Twitter updates when new discussions are posted in our forums:



Follow us to receive Twitter updates when news items and blogs are posted in our frontpage:



Follow us to receive Twitter updates when tech item prices are listed in our price comparison site:





News »

Intel introduces 10th Gen Intel Core H-series for mobile devices
Posted 2-Apr-2020 21:09


COVID-19: new charitable initiative to fund remote monitoring for at-risk patients
Posted 2-Apr-2020 11:07


Huawei introduces the P40 Series of Android-based smartphones
Posted 31-Mar-2020 17:03


Samsung Galaxy Z Flip now available for pre-order in New Zealand
Posted 31-Mar-2020 16:39


New online learning platform for kids stuck at home during COVID-19 lockdown
Posted 26-Mar-2020 21:35


New 5G Nokia smartphone unveiled as portfolio expands
Posted 26-Mar-2020 17:11


D-Link ANZ launches wireless AC1200 4G LTE router
Posted 26-Mar-2020 16:32


Ring introduces two new video doorbells and new pre-roll technology
Posted 17-Mar-2020 16:59


OPPO uncovers flagship Find X2 Pro smartphone
Posted 17-Mar-2020 16:54


D-Link COVR-2202 mesh Wi-Fi system now protected by McAfee
Posted 17-Mar-2020 16:00


Spark Sport opens its platform up to all New Zealanders at no charge
Posted 17-Mar-2020 10:04


Spark launches 5G Starter Fund
Posted 8-Mar-2020 19:19


TRENDnet launches high-performance WiFi Mesh Router System
Posted 5-Mar-2020 08:48


Sony boosts full-frame lens line-up with introduction of FE 20mm F1.8 G large-aperture ultra-wide-angle prime Lens
Posted 5-Mar-2020 08:44


Vector and Spark teamed up on smart metering initiative
Posted 5-Mar-2020 08:42



Geekzone Live »

Try automatic live updates from Geekzone directly in your browser, without refreshing the page, with Geekzone Live now.


Support Geekzone »

Our community of supporters help make Geekzone possible. Click the button below to join them.

Support Geezone on PressPatron



Are you subscribed to our RSS feed? You can download the latest headlines and summaries from our stories directly to your computer or smartphone by using a feed reader.

Alternatively, you can receive a daily email with Geekzone updates.